Environmental Site Assessments

Illinois Power Plant Portfolio

Blackstone completed environmental assessments of seven coal-fired electrical power plants and five petroleum-fueled peaker power plant facilities across the State of Illinois. The assessments were conducted to present any potential environmental problems such as asbestos and anything associated with the long-standing industrial history of each site prior to the sale of each individual property.

50 Site Portfolio

As part of an 800+ property, multi-billion portfolio acquisition, Blackstone conducted environmental site assessments on over 50 properties across the United States. The sites ranged from vacant/raw land to industrial/warehouse properties. Blackstone represented one of the nation’s most prominent financial institutions to determine present and potential environmental conditions associated with each site.

Property Condition Assessments

50 Property Multifamily Portfolio

A team of Blackstone professionals performed PCAs (Property Condition Assessments) and Phase I Environmental Site Assessments on a portfolio of 50 multifamily properties in 14 states within a two week time period. The evaluations were performed to identify deferred maintenance and immediate needs for fire and life-safety issues, ADA compliance, and code compliance. Blackstone utilized portfolio software that enabled the client to have a quick eye chart of all of the issues of any asset. Blackstone was able to achieve these results by a thorough pre-screening due diligence process prior to the site visits to maximize the amount of information in a short period of time.

Remediation

Arsenic Contaminated Soil and Groundwater

Strong demand for housing and a limited supply of urban land in Florida has increased the residential development of former agricultural lands. At a former 14-acre ornamental nursery site, historical use of arsenical herbicides and pesticides contaminated soil and groundwater to levels exceeding residential cleanup goals. Blackstone prepared a soil management plan which was approved by the Florida Department of Environmental Protection (FDEP). During implementation of the soil management plan in 2006,
43 thousand tons of soil were excavated and disposed offsite as non-hazardous waste.

Arsenic concentrations in groundwater initially ranged up to 4 mg/l. Because of the quantity, oxidation state, and distribution of arsenic in groundwater above the groundwater cleanup goal, the most viable method for groundwater remediation was identified as groundwater extraction and treatment. To treat arsenic in extracted groundwater, several technologies were reviewed. An innovative adsorption technique was selected based on bench and field-scale treatability studies. The primary component of the selected treatment technology is an adsorbent (granular ferric oxide) that has a high capacity for arsenic adsorption. Approximately 11 million gallons of arsenic-laden groundwater were extracted and 55 pounds of dissolved arsenic removed from groundwater. The site is currently being developed as residential rental community.

Compliance Services

ADA Assessment

A neighborhood shopping center was undergoing construction to correct various ADA deficiencies identified in a suit filed in the United States District Court and the resultant Stipulation for Settlement. Blackstone was provided with a report from the seller prepared by an outside consultant, which identified ADA violations and recommendations to remedy them. Blackstone noted deficiencies in the third-party report relating to design slope that would leave the future property owner (our client) exposed to liability. As a result of the assessment, the client was able to effectively renegotiate the purchase price and avoid inheriting both the seller’s liability for the settlement stipulations, as well as additional noncompliance areas identified by Blackstone.

FHAA Assessment

Blackstone performed an Fair Housing Amendments Act (FHAA) Assessment on a multi-family, garden-style apartment community containing 210 dwelling units identified in a legal complaint as a moderately non-compliant community.
After performing the accessibility review of the property, Blackstone concluded that the accessways to all of the ground level units were not in full compliance. Our client opted not to purchase the asset thus avoiding expenditures related to bringing the asset into compliance as well as exposure to past liabilities.

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